Market Analysis

STEPN PRICE ANALYSIS & PREDICTION (November 27) –GMT Faces Rejection After Posting Over 100% Gains In A Month, Looks Due For A Correction

Amid market indecisiveness, low-cap gems like GMT have reached a new milestone following a 15% surge in the last 24 hours. This surge put the asset into the top gainer spot with a traded volume of $487 million.

Stepn’s recovery started last month as it bounced off the $0.14 level. After two weeks of steady increase, trading volatility dropped and the price began to contract on the way up while gathering liquidity.

The liquidity period lasted for three weeks before surging through the vital $0.30 resistance level yesterday to test $0.375 earlier today –marking its highest price level in seven months.

That surge was characterized by an engulfing candle to show a huge volume inflow since the start of the month. Aside from that, it marked the asset’s highest volatile session since July 17.

Now that the crypto has retested April’s breakdown level as resistance, which was followed by a sharp rejection, a correction may come into play.

As spotted on the hourly time frame, the price has pulled back below $0.36. There’s still hope for a rebound at $0.30 even if the price continues to pull back. Failure to rebound there could lead to more fallout in the future.

STEPN Key Levels To Watch

Source: TradingView

On the daily chart, GMT looks set for a retracement due to the latest rejection. The price is already dropping near the $0.32 support level. Beneath this support lies the $0.29 and $0.25 levels for more dips. 

Notwithstanding, there’s room for more gains if the asset can overcome the $0.381 in the coming days. By doing that successfully, the next resistance level would be $0.435, then followed by the $0.50 level – marked as March’s high.

Key Resistance Levels: $0.381, $0.435, $0.50

Key Support Levels: $0.32, $0.29, $0.25

  • Spot Price: $0.36
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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